The Braves would have paid Smoltz incrementally based on his health up to a maximum of $5 million if he remained on the major league roster for 60 days, and the guarantee was for no more than $3 million. The offer also included another $5 million in performance bonuses and $2 million in additional incentives. So Smoltz could have earned up to $12 million by staying healthy and pitching extremely well.

1:55pm:David O’Brien says the Braves would not exceed $3MM guaranteed for Smoltz. Braves CEO Terry McGuirk is "shocked and surprised" by his decision. Buster Olney says Smoltz is set to sign Boston’s offer sheet and was perturbed by McGuirk’s comments. In a statement, Smoltz said there were "large discrepancies" between the offers.